The Death of MySpace: By the Numbers
MySpace's revenue for the year ending June 20 will be just $109 million, according to documents distributed to potential buyers of the dying social network. Just a few years ago, the company was pulling in upwards of $900 million.
Due to the revenue tumble, MySpace will lose $165 million in the current fiscal year, according to Mike Arrington at TechCrunch, who obtained the documents. MySpace was making $300 million a year on Google ads alone in 2008 and 2009; 2008 revenue is thought to have come to around $900 million.
The ailing social network offers potential acquirers one way to save the company: gut it. By reducing expenses to $69 million from the current $274 million, the company can actually eke out an operating profit—or so say projections from MySpace's current owner News Corp. That's probably what Facebook spends on cafeteria food these days.
Previously:
MySpace Is Hurtling Towards Death and No One Wants To Save It
